Working with Pay Periods

Manage your payroll within PracticeQ; this ensures payroll calculations always reflect accurate billing data and boosts efficiency and compliance. 

About PracticeQ Payroll

• Managing payroll in PracticeQ reduces errors; there is no need to switch between systems, juggle data imports, or manually reconcile information! 
• Closing out income periods locks down that time period; anything with a payment date of a previous pay period will show as an adjustment in the current pay period.

PracticeQ Accounting

• The PracticeQ income report is based on the date the payment was entered in the system. This is typically referred to as cash basis accounting. 
• In cash basis accounting, revenues and expenses are recorded when cash is actually received or paid. This is in contrast to accrual basis accounting, where revenues and expenses are recorded when they are earned or incurred, regardless of when the cash is received or paid.
• Cash basis accounting is generally simpler than accrual basis accounting because it tracks only cash exchanges.

Pay Period Settings

• Close out pay periods to manage your earning cycles; click More → Team → Payroll.  

• Undefined: This setting will not close the period automatically and will not provide any shortcuts in the Income Report to view the income at the desired intervals.
• Weekly: Set the day to close the period.
• Bi-Weekly: Set last closing date. This will start the new pay period from that date.
• Semi-Monthly: Select first and second closing date. This will close the periods on those dates.
• Monthly: Set closing date. This will close the period on that date every month.

Close Pay Periods Automatically

• Manual: User must manually close pay periods from the income report

• Auto-Close: Pay periods are automatically closed on the day following the end of the last pay period.
• Note: The frequency can still used to define the display of the income report and provide shortcuts when changing the date filter.

Close Pay Periods Manually

• Click Reports → Income.
• Choose the date range for the pay period and click the Close Period button. This will close down the defined pay period and place the reports in Reports → Income, in the Pay Periods tab, for your review.

View Adjustments in the Income Report

• An invoice payment is recorded using a date within a closed period
• An invoice payment is deleted from a closed period
• An invoice is transferred from a closed period between practitioners
• Deleting an insurance payment from a closed period
• Adding an insurance payment for a period that has been closed
• Editing an insurance payment for a period that has been closed

• Opening a closed insurance payment for editing will be added as a negative adjustment. Once the payment is opened, there is no guarantee that the payment will be closed again or which changes will be made. Currently, you can change amounts, date, etc. If/when the user closes the payment, it will be added as a new positive adjustment (assuming the payment date is for a closed period).
• You can always move items out as an adjustment and into the current pay period by changing the Payment Date of the payment to the current period.

View Previous Pay Periods

1. Click Reports → Income.
2. Select the Pay Periods tab.
3. Choose the pay period you want to view.
4. Click Details.

View Pay Period Breakdown by Provider

1. Click Reports → Income.
2. Select the Pay Periods tab.
3. Choose the pay period you want to view.
4. Click Details next to the provider you wish to see.

Export to CSV and Delete Previous Pay Periods